Veltor and what we can learn from it

[ttookk]

So, Veltor got a real shitstorm on their hands:

https://bitcointalk.org/index.php?topic=1583655.1480

Coinmarketcap shows the drama:

http://coinmarketcap.com/currencies/veltor/

Now I don't want to discuss ethics here, or whether or not their decision to turn this into an ICO is justified.

What I find more interesting is a problem this incident shows, which most, if not all blockchain projects share to some degree:

While the network may be decentralized, development isn't.

Most blockchain projects are developed by a relatively small group of people, who hold a lot of power. The bigger projects, having bigger teams and a knowledgeable community which can take over development in case of one or a group of devs leaving, are more safe, but still: Even Bitcoins price was heavily influenced when Mike Hearn left as loudly as he did.

Now, this is a problem without a good solution. In theory, all those projects are opensource and changes to the protocol will have to be approved by the majority of users by using a new version of a client or by any other means. However, I would argue, that most users don't even read the whitepaper, let alone the code and therefore, have to trust those who do, which, in case of smaller projects, may in fact be only the dev him_herself.

This is not really news, but it's something that needs to be discussed more often.

[loreRex]

So, Veltor got a real shitstorm on their hands:

https://bitcointalk.org/index.php?topic=1583655.1480

Coinmarketcap shows the drama:

http://coinmarketcap.com/currencies/veltor/

Now I don't want to discuss ethics here, or whether or not their decision to turn this into an ICO is justified.

What I find more interesting is a problem this incident shows, which most, if not all blockchain projects share to some degree:

While the network may be decentralized, development isn't.

Most blockchain projects are developed by a relatively small group of people, who hold a lot of power. The bigger projects, having bigger teams and a knowledgeable community which can take over development in case of one or a group of devs leaving, are more safe, but still: Even Bitcoins price was heavily influenced when Mike Hearn left as loudly as he did.

Now, this is a problem without a good solution. In theory, all those projects are opensource and changes to the protocol will have to be approved by the majority of users by using a new version of a client or by any other means. However, I would argue, that most users don't even read the whitepaper, let alone the code and therefore, have to trust those who do, which, in case of smaller projects, may in fact be only the dev him_herself.

This is not really news, but it's something that needs to be discussed more often.

I agree with your analysis.
In fact I believe that the blockchain project that will be able to overcame this issue will became the new big thing, much much bigger than BTC itself. It will be really a step, maybe the definitive one, though real decentralization.

A funny idea that comes to my mind is to allow a swarm of AI to create and maintain the blockchain. New improvements could come from some random process, a sort of machine learning algorithm that implement on test-net all the possible variation of the code, by maximizing some parameters chosen at the beginning, like time of the transactions, fungibility, distribution, ecc.

[kingcrimson]

Well Veltor was a scam, the original dev (John Connor) ditched out, and the remaining devs tried to salvage it but were wholly unprepared. It's just a classic scam and clusterfuck.

[PayProCoin]

Well Veltor was a scam, the original dev (John Connor) ditched out, and the remaining devs tried to salvage it but were wholly unprepared. It's just a classic scam and clusterfuck.

Maybe you are right, but we can still profit from his rise and fall.

[CryptoGoon]

Well Veltor was a scam, the original dev (John Connor) ditched out, and the remaining devs tried to salvage it but were wholly unprepared. It's just a classic scam and clusterfuck.

Nonesense, I'm Jason

[ttookk]

Well Veltor was a scam, the original dev (John Connor) ditched out, and the remaining devs tried to salvage it but were wholly unprepared. It's just a classic scam and clusterfuck.

Could be. Still, my point stands. Take another coin, Verge for example. Apart from smaller submissions, it is a one man show. Now, what would happen if the dev stopped working on it, for whatever reason?

In case of Veltor, if it was a scam or not, users could choose not to go the ICO route or dump their coins, but to take over the project and continue working on it. But it is unlikely this is going to happen.

[cryptohunter]

Where is the evidence this is JC or was JC? or even corroborating events?

They just pulled at bit of a scam by reducing everyones share in the project to a share in 100% to a share in 5%

It seems they do have a couple of guys that can code but one seems a complete self serving individual and I would expect him to weasel himself any unfair advantage he can and have feel no obligation nor have any conscience about destroying the project at anytime to extract max gain for him.

[kingcrimson]

Where is the evidence this is JC or was JC? or even corroborating events?

They just pulled at bit of a scam by reducing everyones share in the project to a share in 100% to a share in 5%

It seems they do have a couple of guys that can code but one seems a complete self serving individual and I would expect him to weasel himself any unfair advantage he can and have feel no obligation nor have any conscience about destroying the project at anytime to extract max gain for him.

I believe they linked a VLT donation wallet to the same wallet in Vcash, and were never able to explain it.

I agree that the new guys are classic sociopaths, and that is why their ICO will fail. Sociopaths have no ability to plan and no foresight, so whatever they pull out simply could not be relied upon.

[vingaard]

So... can we conclude that this project is finished, dead, or whatever word you want to use? or there is still a small light at the end of tunnel?

[kingcrimson]

As there is no avenue to warn people of the scam, since they have closed all threads and topics, I have opened this investigation, and urge any other victims to contribute with screencaps/photos from the slack, etc:

https://bitcointalk.org/index.php?topic=1951685.msg19386607#msg19386607

They are going live with a new ICO this year, and we need potential investors to know exactly who these people are, and what they did.

[cryptohunter]

I would suggest posting all those names they demanded removed from their thread...

after they posted them themselves before turning full scam...

I would repost them but I lost the list..

Seemed to upset them that they were so careless to post their actual names then go on to scam everyone

[theroryshow]

Vote with your pocketbook gentlemen, the market rewards hard work and innovation. When we find a coin that does not do either, then we as a community need to refuse to be part of it.

[styn234]

Where is the evidence this is JC or was JC? or even corroborating events?

They just pulled at bit of a scam by reducing everyones share in the project to a share in 100% to a share in 5%

Most random theory ever, "evidence" was a similar adress between 2 chains that cant possible interact or be shared,and the letter J (rofl). I am interested in what you guys think is a better way than an ico to finance such a prestigious project.

[vingaard]

I've finished with this scam project... I've sold all veltor I holded and the only thing I want is to forget the money I lost with this FUC***G project...

Anyway... show must go on... 

[Weatherby]

Well Veltor was a scam, the original dev (John Connor) ditched out, and the remaining devs tried to salvage it but were wholly unprepared. It's just a classic scam and clusterfuck.

No wonder i have not heard about this coin and the lead developer walking off in the middle of the project is just crazy and when you look at yobit you could see many projects like these who are dead or doomed to be dead in a pretty short period of time as they are compiled to make some quick cash and scam innocent traders,so avoid all these shit coins.